First Plus

[silverdel]

Hi Guys, I am in a little in the dark with this one, I took out a second mortgage,consolidation loan with FRST PLUS, 5 years ago this December past, the loan had a protection scheme built in to it, if no claim was made in the first 5 years you received back £7500. In July of this year I was unfortunately taken ill and contacted the customer sservices of FIRST PLUS I told the lady of my circumstances (see HELP NEEDED WITH BRYAN CARTER) she adised me not to claim as the outlay of £2250 would be dwarfed by the £7500 I would receive in December, I called them yesterday and enquired when the cheque would arrive only to be told that because I went to arrrears in 2006,which was cleared by a lump sum payment, I no longer am entitled to the £7500.
I borrowed the monthly payment on the premise of the payment being made.
Not only was i given the wrong advice but I have also found out that FIRST PLUS have frozen the interst on the account at 11.9% because I defaulted on the repayments.
For those who know my situation I feel I have been shafted, and am now deeper in the poo than I previous thought, I would also add that FIRST PLUS never ever answer letters, never issue statements( unless you pay £25.00) so it is impossible to see what you owe or where you are in the context of the loan.
I have asked them to lodge a complaint but I am realy in dire trouble as I owe the mother in law the £2250 and she needs the cash, Once again I need your help!!!!!

[enaid]

Re: First Plus

I would ask are you absolutely sure you were not mis sold the PPI, you say it was "built in", I think what it was actually was a single payment premium, added to your loan in the begining. I would definately have a good read of this
http://www.legalbeagles.info/forums/...ad.php?t=10645 and see if there is any chance you were mis sold the PPI. If you were you could claim the whole lot back.
PKea is good with this subject should you need to ask anything.

This is off their website and it does state quite clearly the rules for getting your money back. Note it also says 'YOU COULD'


you could get your money back



If you have had your loan and Payment Protection Insurance for 5 years and you have not:

• settled your loan
• cancelled your insurance policy
• been behind in your repayments
• made a successful claim

You may be entitled to receive a refund that is equivalent to a percentage of your insurance premium. Please contact us to find out more.

If you feel you have been mis sold the PPI, I would do a full SAR will cost you £10, but they are obliged to give all the info they have on you, even the recordings of any phone calls.

[silverdel]

Re: First Plus

:tinysmile_cry_t:Hi Reading the post as suggested it seems I was sold a Single Premium Policy, the criterea is right , as when I was in trouble with the repayments I asked to cancel the insurance and was told it would only make a difference of about £5 pcm.
I as far as I am aware still paying this premium and will be for the next 20 years!! how do I go about claiming this rip off charge?
Of course this does not get back the money I borrowed to meet the payments while I was on sick leave, I would realy appreciate some help in this matter and guidance in who I complain too.

Thanks Enaid for your help so far

SD

[scoobydoo]

Re: First Plus

not sure whether reading this may be of interest?

http://www.firstpluscomplaints.co.uk/

[silverdel]

Re: First Plus

Thanks for the info regarding that site, I will contact them and follow their lead, would still like to know if anyone can help in this matter on here, I know from past experience that LB is such a great source of talented people who love to help the lone individual agaist the might of the Banking Industry!!

[scoobydoo]

Re: First Plus

I hope someone more expert will come along to help you - but as I have been reading a lot about First plus loans being possibly mis-sold in lots of ways I would recommend sending an SAR letter to see what it reveals about the PPI and also the original agreement.

I would then be looking for records of the conversation you referred to in your first post.

It is very obvious you would not have gone into arrears if you could have claimed on the PPI - so you obviously were given bad information - and that could show up on the SAR.

Now whether you should lodge a formal complaint now - or wait until you have more info I am not sure.